Mining

Mineral Resources is expecting to defy the mining services downturn, telling shareholders today that it anticipates strong growth in net profit in the current financial year.

Gindalbie Metals says it will continue to purchase iron ore from third parties to make up for a shortfall of concentrator production at its Karara mine, as the company warned shareholders it will need additional capital investment before it can reach capacity at its main magnetite project.

Northern Star Resources has weathered a fluctuating gold market with low costs and strong profits, and is looking forward to new acquisition opportunities, chairman Chris Rowe announced at its annual general meeting today.

RCR Tomlinson says it's confident its newly acquired infrastructure business will provide significant growth in the year ahead as the company looks to diversify its revenue streams.

Perth-based miner Viking Ashanti will merge with Mongolia-focused coal developer Auminco Mines under a share exchange transaction, with a capital raising of $4.5 million planned for the consolidated company in early 2014.

The Clough AMEC joint venture has been awarded a two-year contract extension worth $150 million to continue to provide operations and maintenance services at ConocoPhillips' Bayu-Undan oil and gas facilities in the Timor Sea.

Labor has launched a last-ditch fight to keep the mining tax as the federal government prepares to scrap the measure in a parliamentary vote.

Perth-based Legend Mining has entered an agreement for the $17.5 million sale of its 90 per cent share in the Ngovayang iron ore project, in the Republic of Cameroon to Indian company Jindal Steel and Power.

Consulting engineering firm AMEC is the latest contractor to be awarded work on the $10 billion Roy Hill iron ore project.

Paladin Energy boss John Borshoff has been granted a contract extension, just over a week after the company moved to pacify angry shareholders by slashing his termination entitlements.

Dampier Gold and Ord River Resources have announced a farm-in and joint venture exploration at Dampier's Plutonic Dome project.

West Perth explorer Azure Minerals has raised $2.1 million through a share placement as it looks to undertake further drilling at its Cascada and Promontorio projects in Mexico.

Monadelphous Group has flagged softer revenue levels in the second half of the 2014 financial year but says its final revenue figures will be dependent on a number of major tenders still to be awarded.

Mining equipment supplier WesTrac says its coal customers are still hurting and looking for cost cuts due to lower prices and a high Australian dollar but the iron ore sector in Western Australia continues to provide opportunities for the company.

Energy Metals is seeking to raise $9.4 million for its Bigryli uranium and Ngalia regional prospects in the Northern Territory.

Global oil prices have fallen, with the New York benchmark contract hitting the lowest level in more than five months amid ballooning US crude-oil supplies.

Forge Group has requested a third extension to its voluntary trading suspension after admitting that the scale of losses on two power station projects won't be known until it completes negotiations with a customer and key sub-contractor.

Parent company Resolute Mining intends to officially purchase Noble Mineral Resources' Bibiani project and sell off its remaining assets with a proposed deed of company arrangement.

Emeco Holdings expects improved trading conditions at its operations in Canada and Chile but still anticipates a net operating loss for the 2014 financial year as it struggles to combat ongoing softness in its main commodity sectors of thermal coal and gold.

Downer EDI is the latest contractor to be awarded work at Hancock Prospecting's $10 billion Roy Hill iron ore project, as new reports suggest the project is close to securing its long-awaited debt financing.

Gold futures have drifted between slight gains and losses before closing fractionally higher as investors weigh a stronger euro against fading optimism over Federal Reserve Chairman nominee Janet Yellen's dovish stance.

Gold miner Silver Lake Resources has said it is not in a position to pay dividends, with volatile gold prices and the state government's minerals royalty review remaining as threats to its balance sheet.

Chris Bonwick has resigned effective immediately as the managing director of Independence Group due to ill health.

Tanami Gold has seen its share price plunge 34 per cent after announcing an $11.75 million entitlement offer underwritten by its largest shareholder, Allied Property Resources.

Octanex and Perth's Peak Oil and Gas are working towards a merger, with Melbourne-based Octanex underwriting a rights issue for of $1.94 million that will go towards working capital for Peak prior to the implementation of the deal.

Mermaid Marine says its trading performance will be weaker than expected with a number of key projects pushed back to the second half of the year.

Engineering and construction contractors Decmil Group and Calibre Group have both predicted a positive outlook after diversifying their businesses to cope with the mining services slowdown

Premier Colin Barnett has responded angrily after being asked if there was a link between Chevron's $64 million Elizabeth Quay land purchase and its bid to secure more ground on Barrow Island for the Gorgon gas project.

For the second consecutive year, Gina Rinehart has been named as a Visionary CEO at an awards ceremony run by consulting group McMillan Woods in Kuala Lumpur.

Oil prices have bounced back somewhat after the US benchmark contract reached a five-month low the previous day.

Oil and gas entrepreneur Peter Allchurch is set to become a major shareholder in Perth company TW Holdings after striking a deal to sell a Texas shale oil project to the listed company.

Swala Energy has announced a placement of 19.5 million shares to two investors, raising $4.4 million.